Expand citations and concepts

claims/is-valuation-model.md

@@ -8,6 +8,8 @@ Models such as "Stock To Flow" have shown no predictive power to explain the [pr
 Other products in [bubble](../concepts/bubble.md) such as tulips or beanie babies have exhibited similar market structure to crypto tokens but on smaller scales.
 
 ## References
+
+1. Shiller, Robert J. 2017. ‘What Is Bitcoin Really Worth? Don’t Even Ask.’ The New York Times, 15 December 2017, sec. Business. https://www.nytimes.com/2017/12/15/business/bitcoin-investing.html.
 1. Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
 1. Cembalest, Michael. 2022. ‘The Maltese Falcoin: On Cryptocurrencies and Blockchains’. https://privatebank.jpmorgan.com/content/dam/jpm-wm-aem/global/pb/en/insights/eye-on-the-market/the-maltese-falcoin.pdf.
 1. Silverman, Gary. 2021. ‘Crypto Has “No Inherent Worth” But Is Good to Trade, Says Man Group Chief’. Financial Times, 26 July 2021. https://www.ft.com/content/9275baf4-0422-43a1-b8c9-9317882ca874.
@@ -15,4 +17,4 @@ Other products in [bubble](../concepts/bubble.md) such as tulips or beanie babie
 1. Diehl, Stephen. 2021. ‘The Intellectual Incoherence of Cryptoassets’. 7 November 2021. https://www.stephendiehl.com/blog/crypto-absurd.html.
 1. Krugman, Paul. 2018a. ‘Bitcoin Is Basically a Ponzi Scheme’. The Seattle Times 30.
 1. ———. 2021a. ‘Technobabble, Libertarian Derp and Bitcoin’. The New York Times 21.
-1. ———. 2021b. ‘The Brutal Truth About Bitcoin’. The New York Times 21.
+1. ———. 2021b. ‘The Brutal Truth About Bitcoin’. The New York Times 21.

concepts/ach.md

@@ -0,0 +1 @@
+# Automated Clearing House

concepts/clearinghouse.md

@@ -0,0 +1 @@
+# Clearinghouse

concepts/crowdfunding.md

@@ -0,0 +1 @@
+# Crowdfunding

concepts/flash-crash.md

@@ -0,0 +1 @@
+# Flash Crash

concepts/hard-fork.md

@@ -0,0 +1 @@
+# Hard Fork

concepts/human-in-loop.md

@@ -0,0 +1 @@
+# Human-in-the-loop

concepts/liquidity-risk.md

@@ -0,0 +1 @@
+# Liquidity Risk

concepts/madness-crowds.md

@@ -7,5 +7,6 @@ The term *madness of crowds* is a concept concerning the extreme and abberant co
  
 ## References
 1. Mackay, Charles. 2012. Extraordinary Popular Delusions and the Madness of Crowds. Simon and Schuster.
+1. Shiller, Robert J. 2015. ‘Irrational Exuberance’. In Irrational Exuberance. Princeton university press.
 1. Bernstein, William J. 2021. The Delusions of Crowds: Why People Go Mad in Groups. Grove Press.
 1. Blanchard, Olivier J, and Mark W Watson. 1982. ‘Bubbles, Rational Expectations and Financial Markets’. NBER Working Paper, no. w0945.

concepts/market-mania.md

@@ -4,11 +4,12 @@ An event in markets characterised by extremely aberrant [price formation](price-
 The expansion of crypto tokens is [is widely](../claims/is-bubble.md) perceived to be a market mania.
 
 ## References
+1. Chancellor, Edward. 1999. ‘Devil Take the Hindmost: A History of Financial Speculation’.
+1. Gibson, Thomas. 1907. The Cycles of Speculation. Moody Corporation.
+1. Mackay, Charles. 2012. Extraordinary Popular Delusions and the Madness of Crowds. Simon and Schuster.
 1. Shaffer, Daniel S. 2010. Profiting in Economic Storms: A Historic Guide to Surviving Depression, Deflation, Hyperinflation, and Market Bubbles. John Wiley & Sons.
 1. Blanchard, Olivier J, and Mark W Watson. 1982. ‘Bubbles, Rational Expectations and Financial Markets’. NBER Working Paper, no. w0945.
-1. Chancellor, Edward. 1999. ‘Devil Take the Hindmost: A History of Financial Speculation’.
 1. Blanchard, Olivier J, and Mark W Watson. 1982. ‘Bubbles, Rational Expectations and Financial Markets’. NBER Working Paper, no. w0945.
 1. Bernstein, William J. 2021. The Delusions of Crowds: Why People Go Mad in Groups. Grove Press.
-1. Mackay, Charles. 2012. Extraordinary Popular Delusions and the Madness of Crowds. Simon and Schuster.
 1. Smales, L. A. 2022. ‘Investor Attention in Cryptocurrency Markets’. International Review of Financial Analysis 79: 101972. https://doi.org/10.1016/j.irfa.2021.101972.
 1. Kolchinski, Alex. 2022. ‘Crypto Is an Unproductive Bubble’. Alex Kolchinski (blog). 18 March 2022. https://alexkolchinski.com/2022/03/18/crypto-is-an-unproductive-bubble/.

concepts/mobile-payments.md

@@ -0,0 +1,8 @@
+# Mobile Payments
+
+* AliPay
+* ApplePay
+* M-Pesa
+* Venmo
+* WeChat Play
+* Zelle

concepts/wait-and-see.md

@@ -0,0 +1 @@
+# Wait-and-see Regulation

notes/yellen-treasury-remarks.md

@@ -28,6 +28,8 @@ Yellen presents the theoretical proposition of [blockchain](../concepts/blockcha
 
 The administration regards [crypto assets](../concepts/cryptoasset.md) as non-currencies because of their inherent volatility and transaction costs being too prohibitive to allow commerce. They don't fulfil the [properties of money](../claims/is-bitcoin-currency.md).
 
+They carve out an exception for [stablecoin](../concepts/stablecoin.md) and [central bank digital currencies](../concepts/central-banks.md) which are non-speculative.
+
 > Proponents believe distributed ledger technology will transform other aspects of financial services like trading, borrowing, and lending. They point to capabilities, like smart contracts, which use computer code to automatically execute an agreement if certain prespecified conditions are met. To the extent that setup is more convenient, and costs are competitive with those required for traditional financial services, digital assets offer the potential to expand access. 
 
 The administration possibly sees [distributed ledger technologies](../concepts/permissioned-blockchain.md) or "permissioned blockchains" as potentially having utility in the existing financial infrastructure. Although the benefits of this technology are unclear at this time. The costs and benefits of these setups may not be a net win.